Ergo is the inevitable next step in the evolution of Proof of Work blockchain technology, designed for creating and implementing powerful, efficient and highly secure financial contracts. It is an open-source, decentralized network that builds advanced cryptographic features and radically new DeFi functionality on the rock-solid foundations laid by a decade of blockchain theory and development. It complements tried and tested principles with the latest peer-reviewed academic research into cryptography, consensus models, and digital currencies.
Evolution of Ergo
Ergo’s native language, Ergoscript, was created by Alex Chepurnoy, the primary developer of Ergo. Before his work and research with Ergo, Chepurnoy was an IOHK research fellow and served as the project manager of Scorex where he helped design and build its modular blockchain framework. As a core developer of NXT, Chepurnoy was integral in the development of its pure Proof of Stake cryptocurrency, the first of its kind. The work on color coins at NXT was instrumental in developing the necessary foundations for creating advanced markets operating on a blockchain.
Ergoscript - Unlocking Financial Empowerment
Ergoscript’s language is founded on the use of non-interactive zero-knowledge proofs, or Σ-protocols (Sigma Protocols). It is a Scala-based language and therefore benefits from the stateless framework which allows for formal verification on contract logic, granting developers and programmers the ability to create smart contracts with features such as ring-signatures, multisignatures, multiple currencies, self-replicating scripts, anti-theft features, and enhanced security.
Ergoscript truly increases the creative potential of blockchain technology and allows for an incredible variety of DeFi products and financial services. To further explore the intrinsic properties of Ergo’s Σ-protocols, please see Whitepaper II and Whitepaper III on the Ergo Platform website.
A Commitment to Continued Open Source Community-Based Work and Collaboration
Community is integral to the identity of Ergo while it continues to build financial frameworks that benefit everyday users. The cryptocurrency industry would not exist if not for decades of collaboration between technologists, scientists and mathematicians. Ergo continues the spirit of collaboration for the benefit of humanity by providing tools to disintermediate power and give it to the people. This is paramount to Alex Chepurnoy’s life work. The Ergo Manifesto provides a detailed and comprehensive discussion on Chepurnoy’s inspiration for Ergo.
Cryptocurrency should provide tools to enrich ordinary people. Their small businesses providing no much above making ends meet, not depersonalized big financial capital. This is what inspired me. This is my dream.
I hope Ergo will be useful here. Thousands of small cooperatives and individual entrepreneurs are more important to healthy and sustainable wealth growth around the globe than a couple of corporations hiding profits in offshore heavens.
Chepurnoy works directly with a team of 15 developers, some of whom oversee and manage development teams. Ergo’s growing environment strives to maintain a strong synergy between developers, the Ergo Foundation, and other community contributors with the goal of creating high-quality dApps that provide a rich user experience.
The user experience includes the NFT Auction House, a crypto-backed algorithmic stablecoin protocol, SigmaUSD, secure and efficient Oracle Pools, and increased financial privacy with ErgoMixer. Users will soon be able to access the non-custodial, decentralized exchange, ErgoDex, and its ability to provide efficient and secure transactions between the Ergo and Cardano blockchains. The Proof of Work consensus algorithm and underlying extended UTxO model empowers Ergo to always offer scalable and secure solutions. There are several other exciting projects in the works such as ErgoFund, LETS, Ergo.Meta — and more community made dApps are starting to appear on the back of the Hackathon.
Ergo is proud to partner with EMURGO, the commercial arm of Cardano, in improving research on blockchain and zero-knowledge ecosystems. The upcoming integration with Waves Network will also see Ergo implement cross-chain functionality with all Waves enabled blockchains. Additionally, Ergo continues to support the security and protection of individuals in the crypto space as a member of the blockchain alliance, BPSAA.